World Clean BizGlobal Cleaning Industry Intelligence
Floorcare2026-06-084 min read

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal

Roborock’s IPO prospectus showed how a Xiaomi ecosystem company moved from dependent channel partner to independent robot vacuum leader.

By Denny You

Key Points
  • Roborock’s early growth showed the power of Xiaomi’s channel, but also the need to build an independent brand.
  • The prospectus data revealed how channel mix, gross margin and product positioning shaped the company’s transition.
  • Roborock became a key example of how Chinese robot vacuum brands could move from ecosystem supplier to global brand.
Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal

Roborock, a star company from Xiaomi's ecosystem, is preparing for listing on the STAR Market. I reviewed the prospectus and have excerpted some business-related information for reference.

The company's key financial metrics show that sales rose from over 100 million yuan in 2016 to 3 billion yuan by 2018, truly a remarkable achievement.

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 2

By channel, the Xiaomi channel decreased from 100% at the beginning to 50% in 2018.

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 3

The distribution of gross margins across various channels indicates that those related to the Xiaomi ecosystem are not profitable, with a gross margin of only 16.76%. However, other channels have relatively higher gross margins, at least above 40%.

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 4

Distribution of Top Five Customers:

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 5
Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 6

The sales figures for each product show that Mijia and Roborock are the main drivers. The low-priced Narwal brand generated only 92.47 million yuan in sales, indicating that the market is no longer interested in entry-level randomrobot vacuum.

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 8

The average selling prices of Mijia, Roborock, and Narwal brands, in terms of quantity. Mijia sold 1,240,000 units, Roborock sold 790,000 units, and Narwal sold 95,822 units. (The sales of Narwal exceeded expectations.)

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 9

The average cost for each model is as follows:

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 11

Composition of Top Five Suppliers:

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 13
Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 14

Main Component Product Costs:

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Operational Risks:

There is a note regarding intellectual property (IP). If a third party uses IP that is shared with Xiaomi, Roborock would have no control over it.

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 21
Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 22

Product Risks:

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 23

Exchange Rate Risk:

Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 24

Shareholding Structure:

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Major subcontractors have exclusivity agreements:

Dongguan Great Wall is a newly added subcontractor, and thefirst Mijia cordless vacuum launched this time this time is produced by Dongguan Great Wall.

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 27

Research and Development Investment:

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 29

Ongoing Research and Development Projects:

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Purpose of Funds Raised:

Here we can see that the funds will be allocated to commercial robot projects (investment of 280 million yuan) and an intelligent data platform (investment of 140 million yuan).

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 32

Detailed Explanation of IOT Platform:

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Details of Various Expenses:

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Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 35
Roborock’s IPO Prospectus and the Xiaomi Ecosystem Signal image 36

Accounts Receivable:

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Denny You has worked inside the cleaning industry since 2006. World Clean Biz turns front-line product, supplier and category signals into practical industry intelligence.

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